Save Announces Partnership to Launch Market Savings Program

Save®, a fintech company that helps people earn higher yields on their spending and savings, announced that they have signed an agreement with Webster Bank, N.A. is a top bank in Northeast that offers a variety of traditional and digital financial services to both consumers and business clients. Webster Bank will make savings accounts available to Save customers who participate in this product offering on Save’s innovative Savetech platform.

SEC-registered investment advisor Save expects that the Market Savings program’s return potential will be greater than traditional high-yield savings accounts. The program term determines the average annual return potential. Customers are not subject to deposit risk and can expect a return potential of 1.50% to 7.70%.2 The Market Savings program seeks to provide returns to customers through an investment by Save into a diversified portfolio of ETFs representing stocks, bonds, real estate, and commodities based on the customer’s investment profile. The yield is not guaranteed and will fluctuate depending on market performance. Customers’ deposits will be held in savings accounts at Webster Bank that are FDIC insured up to the standard maximum deposit insurance amount, which is currently $250,000 per depositor, per FDIC-insured bank, per ownership category. Save plans to expand its investment portfolios, including those that are sustainable and other asset portfolios.

“We’re excited to work with Webster Bank to build an entirely new approach to savings,” Michael Nelskyla is the founder and CEO of Save. “By adding the Market Savings program to our platform, we’re able to better support our customers’ financial and savings goals at a time when low rates, high inflation, and market volatility are top of mind.”

Save currently has over 25,000 customers registered for its services. The U.S. Market Savings and Savetech platforms are expected to bring in several billion dollars of savings over the next three-years.

“We look forward to working with Save on this innovative savings product. Save is focused on innovative, digital offerings and has an approach that differentiates Save in the consumer space,” Matthew Smith, Executive Managing Director at Webster Bank.

“Save is on a mission to change the way people build wealth,”  Adam WattsSave. “Our Savetech platform can fundamentally change how people save.”

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